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    Flavio

    Managing Director and Senior Equity Research Analyst at Bank of America

    Flavio Serra is a Managing Director and Senior Equity Research Analyst at Bank of America, specializing in the Latin America energy and utilities sectors with a particular emphasis on companies such as Petrobras, Ecopetrol, and Itaúsa. Known for his in-depth coverage and timely investment recommendations, Flavio has been ranked highly on platforms like Institutional Investor and recognized for his sharp accuracy and strong call performance, including above-average success rates and top-tier returns for his client base. He began his career at Banco BBM in 2004, transitioned to UBS as a research analyst, and joined Bank of America in 2012, steadily advancing to his current MD position. Flavio holds FINRA Series 7 and 63 registrations, and his expertise has earned him repeated recognition as a top-ranked analyst in Latin American equity markets.

    Flavio's questions to Afya (AFYA) leadership

    Flavio's questions to Afya (AFYA) leadership • Q2 2025

    Question

    Flavio from Bank of America asked why the full-year EBITDA guidance was not revised upward despite strong first-half results, and also questioned why the effective tax rate was below the 15% OECD minimum and what to expect for the second half.

    Answer

    CEO Virgilio Gibbon stated that the company prefers to remain conservative on guidance due to seasonality in the continuing education segment, where the new cohort intake occurs later in the year. CFO Luis Blanco explained the lower tax rate was a temporary effect from recognizing deferred tax assets in the first half, and he expects the rate to converge toward the 15% minimum in the long run.

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